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COMMERCIAL ARBITRATION

            An arbitration agreement is an agreement between the parties to transfer to arbitration all or certain disputes that arose or may arise between them in connection with any particular legal relationship, regardless of whether they have contractual character or not.

An arbitration agreement may be entered into as an arbitration clause in a contract or as a separate agreement.

An arbitration agreement shall be concluded in writing. The agreement is concluded in writing, if it is contained in a document signed by the parties, or concluded by exchanging letters, electronic messages, if the information contained therein is available for further use, messages via teletype, telegraph or other means of telecommunication which provide for the fixing of such an agreement, or by exchanging a statement of claim and a claim for a claim in which one of the parties asserts the existence of an agreement, while the other does not deny it.

The reference in the agreement to the document containing the arbitration clause is an arbitration agreement provided that the agreement is concluded in writing and this reference is such that it makes the said reservation part of the agreement.

The arbitral tribunal may itself decide on its competence, including in respect of any objections to the existence or validity of the arbitration agreement. To this end, the arbitration clause, which is part of the contract, must be interpreted as an agreement that does not depend on other terms of the contract.

The arbitral tribunal shall settle the dispute in accordance with the rules of law chosen by the parties as applicable to the merits of the dispute. If it does not express any intention, any the law or legal system of any state should be interpreted as referring directly to the substantive law of that State, and not to its conflict of laws rules.

In the absence of any instructions from the parties, the arbitral tribunal shall apply the law determined in accordance with the conflict rules that it considers applicable.

The arbitral tribunal makes a decision ex aequo et bono or as a "friendly mediator" only when the parties have expressly authorized it to do so.

In all cases, the arbitral tribunal shall make a decision in accordance with the terms of the agreement and taking into account the trade practices relating to this agreement.

An arbitral award, irrespective of the country in which it was pronounced, shall be considered binding also upon filing a written application to the competent court.

The party relying on an arbitral award or a petition for its execution must file an original of the duly certified arbitral award or a duly certified copy of such, as well as the original of the arbitration agreement or a duly certified copy of such an arbitration agreement. If the arbitral award or agreement is set out in a foreign language, the party must file a duly certified translation of these documents in the Ukrainian language.

An International Commercial Arbitration Court (International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine) is an independent, permanent arbitration institution (arbitration court), which operates in accordance with the Law of Ukraine "On International Commercial Arbitration".

The Maritime Arbitration Commission (Maritime Arbitration Commission at the Chamber of Commerce and Industry of Ukraine) is an independent, permanent arbitration institution (arbitral tribunal), which carries out its activities in accordance with the Law of Ukraine "On International Commercial arbitration".

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